Soho
Resources Receives Initial NI 43-101 Inferred Mineral Resources Estimate
Report for the Tahuehueto Project
Mr. Glen
Sandwell reports,
VANCOUVER, BRITISH COLUMBIA - June 18, 2008 - Soho
Resources Corp. (TSX VENTURE: SOH) ("Soho" or the
"Company") is very pleased to announce the SEDAR filing of its
first NI 43-101 compliant technical report for its Tahuehueto Project in
Durango State, Mexico ("Tahuehueto"), titled "Technical Report
Tahuehueto Project Durango, Mexico" (the "Technical
Report"). The initial resource estimation and the Technical Report
were prepared by Michael M. Gustin, P.Geo., of Mine Development Associates of
Reno, Nevada ("MDA"). Mine Development Associates is a
full-service mining engineering firm, specializing in all aspects of
exploration, mine development, and mine operations.
This calculated resource represents only the upper, close to surface
portion of three structures; the El Creston structure over approximately 670 m of strike length; the
Cinco de Mayo - Santiago structure known to be at least 3 km long and drill tested
over approximately 2.5 km
of strike length; and the El Rey structure tested over approximately 250 meters of strike
length. The full report can be viewed on the SEDAR website at www.sedar.com or on Soho's corporate website at http://www.sohoresources.ca/
Highlights
?
383,000 oz gold equivalent (calculated using
only gold oz + Silver oz/60, assuming 100% Au & Ag recoveries (excluding
base metal content)
? 276,000 ounces of gold
? 6.429 million ounces of silver
?
201.138 million
pounds of zinc
?
33.483 million pounds
of copper
?
110.457 million
pounds of lead
The Tahuehueto deposit inferred mineral resource, at a series of
cutoff grades (2% to 10%) is provided in the table below.
Tahuehueto
Inferred Resources
|
Cutoff
(g Au-equiv/t)
|
Tonnes
|
g
Au/t
|
oz
Au
|
g
Ag/t
|
oz
Ag
|
Cu%
|
lbs.
Cu
|
Pb%
|
lbs.
Pb
|
Zn%
|
lbs.
Zn
|
Unoxidized
|
Oxidized
|
2.0
|
3.0
|
6,402,000
|
1.34
|
276,000
|
31
|
6,429,000
|
0.24
|
33,483,000
|
0.78
|
110,457,000
|
1.43
|
201,138,000
|
2.5
|
3.0
|
4,985,000
|
1.62
|
259,000
|
36
|
5,781,000
|
0.27
|
29,238,000
|
0.90
|
98,759,000
|
1.61
|
176,592,000
|
3.0
|
3.0
|
4,101,000
|
1.86
|
245,000
|
40
|
5,277,000
|
0.29
|
25,960,000
|
0.99
|
89,854,000
|
1.75
|
158,444,000
|
4.0
|
4.0
|
2,722,000
|
2.44
|
213,000
|
49
|
4,280,000
|
0.34
|
20,110,000
|
1.18
|
70,945,000
|
2.09
|
125,481,000
|
5.0
|
5.0
|
1,907,000
|
3.03
|
186,000
|
58
|
3,542,000
|
0.38
|
15,974,000
|
1.32
|
55,589,000
|
2.42
|
101,716,000
|
7.0
|
7.0
|
1,047,000
|
4.31
|
145,000
|
74
|
2,488,000
|
0.48
|
11,062,000
|
1.52
|
35,082,000
|
2.96
|
68,303,000
|
10..0
|
10..0
|
508,000
|
6.62
|
108,000
|
92
|
1,499,000
|
0.61
|
6,839,000
|
1.68
|
18,848,000
|
3.37
|
37,702,000
|
NOTES:
1. The cutoff for oxidized resources is higher than un-oxidized
resources due to anticipated lower metal recoveries in the flotation process.
2. Gold-equivalent grades are used for cutoff
purposes only.
3. Gold equivalent calculation: g
Au-equiv/t = Au grade + (Ag grade ? 60) + (Cu grade ? 0.35) + (Pb grade ?
1.0938) + (Zn ? 0.875).
The Tahuehueto mineral
resources were modeled and estimated by: (1) evaluating the drill data
statistically; (2) interpreting mineral domains for each element
independently on vertical cross sections spaced at intervals of 25 or 50 meters across the
strike length of the mineralization; (3) coding the block model by projecting
the mineral domain interpretations horizontally half the distance to adjacent
sections; (4) analyzing the modeled mineralization statistically to establish
estimation parameters; (5) capping high grade domain assays at Au cap =
60 g
Au/t , Ag cap = 370 g
Ag/t, Cu cap = no cap, Pb cap = no cap, Zn cap = 20%; and (6)
estimating metal grades into the coded three-dimensional block model by
inverse-distance methods using approximately 4,700 sample intervals with 2 meter composites from a
total of 165 drill holes (129 core and 36 reverse circulation
holes). All modeling of the Tahuehueto resources was performed
using Surpac? software.
The Report recommends
that significant work at Tahuehueto is warranted, including infill, step-out,
and exploration drilling. Project Resources should be updated
periodically as exploration continues.
PROJECT DRILLING
UPDATE
Since the cutoff of
data submitted to MDA for the initial resource calculation, Soho has
completed another 58 diamond drill holes. The results from these holes
along with any data from ongoing 2008 drilling will be integrated into an
updated resource calculation expected near the end of this year.
The 2008 exploration
program has made excellent progress and has significantly advanced the
project during the first half of 2008. As a result the planned drilling
for this year is well ahead of schedule and has allowed the Company to reduce
the number of operating drill rigs at the project and thereby reduce
exploration expenditures at an opportune time within the industry. There is
currently one drill rig operating on site.
GENOA MANAGEMENT
LIMITED AGREEMENT CANCELLED
Soho would also like to
announce that it has mutually cancelled its agreement with Genoa Management
Limited and John Walter Communications Inc. (the "Genoa Agreement")
originally announced in August 2007 (See August 29, 2007 news release).
The services under this
agreement were suspended temporarily on December 31, 2007 on the
understanding that services would be reinstated for the remaining eight
months of the term upon publication of the Company's Resources
Calculation. Upon issuance of the Company's Resource Calculation the
parties renegotiated this agreement such that Genoa Management Limited
withdrew and Soho has signed a new revised agreement (the " Walter
Agreement") with John Walter Communications Inc.
("JWCI"). All stock option issued under the Genoa Agreement
have been cancelled with mutual consent.
JWCI is an independent
consulting firm dedicated to assisting junior and intermediate mining
companies grow to their full potential. Its mandate will be to provide
senior management with ongoing capital markets counsel. John Walter,
the Founder and President of the company has worked in engineering departments
for a number of Canadian iron ore producers assisting in all aspects of the
mining cycle, from exploration, development and production. Mr. Walter
has also worked at numerous international mining locations supervising the
construction of large scale open pit mining equipment and providing training
to the personnel responsible for the operation and maintenance of the
equipment. More recently, Mr. Walter spent more than two decades in
institutional equity sales, including seventeen years at UBS, one of the
world's leading financial firms and its predecessor companies, providing
coverage to institutional clients in North America, the Middle East, Asia and
Australia. Mr. Walter graduated from Queen's University in Kingston,
Ontario in 1979 with a Bachelor of Applied Science, Mining Engineering.
Under the terms of the
one year Walter Agreement, JWCI will execute a comprehensive communications
program to support the Company's growth strategy, for which it will be paid a
fixed monthly fee of Cdn$6,500 plus applicable taxes, and be granted 200,000
options to purchase common shares of Soho. The options will be
exercisable at $0.25 per share over a 2 year term and vest in four equal
tranches, quarterly. In addition to the fees above, Soho agrees to pay
JWCI a 2% fee for any successful acquisition sourced by JWCI and executed by
Soho. The agreement may be cancelled anytime after the initial first
three months.
Glen Sandwell,
Manager, Investor Relations
If you would like to receive information on Soho Resource Corp and its
exploration project please contact the Investor Relations Department by email
or phone or visit our website at www.sohoresources.ca
for the most up to date information and results. Other historic
information and mandatory filings are available on line www.sedar.com
WARNING: The Company relies upon litigation
protection for "forward-looking" statements. This News Release may
contain forward-looking statements including but not limited to comments
regarding the timing and content of up-coming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements. Soho Resources Corp. relies upon litigation protection for
forward-looking statements.
The TSX Venture Exchange has not reviewed and does not take responsibility
for the adequacy or accuracy of this release.
Contact Information
Soho Resources Corp.
Glen Sandwell
Tel: 604.684.8071
Toll Free: 1.800.685.0576
Email: ir@sohoresources.ca
Web: www.sohoresources.ca
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